A building which was once home to Ant and Dec’s Newcastle city centre bar has been sold in a £3.2m deal.
The Grade II listed building Bank Chambers, at 26 Mosely Street, dates back to the 1870s and is now home to the Miller & Carter restaurant, as well as The Corner flexible office suites on the floors above.
The building, once home to the National Provincial Bank of England, was acquired by HMC Ventures in 2016, who paid £2.85m for the property before investing more than £500,000 to give the historic building a modern makeover with new offices.
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Back in 2006, Geordie presenters Ant and Dec paid £175,000 for a half share in the bar once based the building, called The Lodge.
The pair used to enjoy nights out there when it was known as Jonny Ringos, so much so that they went into partnership with Ultimate Leisure, the owners of The Lodge at the time.
Coffer Corporate Leisure has confirmed the sale in an off-market transaction to new owners, in a prominent investment deal.
All tenancies will remain as they are, with the ground and basement will continue to be let to Miller & Carter operators Mitchells & Butlers on a long lease. It is also understood that the leisure company plans to invest significantly in the site through a substantial refurbishment next year.
Jack Silvani, director at Coffer Corporate Leisure, said: “We have seen limited activity in the restaurant investment market this year. While initially this was attributed to lack of confidence in the casual dining sector, we believe it is now down to the shortage of quality stock.
“The underlying property fundamentals are key more than ever – well-configured units in good locations will always be re-lettable. Rents need to be sensible and serviceable. Many investors would rather buy the best sites at significantly sharper yields than secondary sites which could prove challenging down the line. The former will always be in demand and should prove to be safe, long-term investments.”
CBRE acted on behalf of the purchaser, a private client.
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